Crypto exchange CoinFLEX cuts 'significant' chunk of headcount in downsizing push

CoinFLEX has reduced a "significant" portion of its workforce in a bid to better manage costs amid a widespread market slump, the cryptocurrency exchange said in a blog post dated Friday.The layoffs will cut CoinFLEX's cost base by approximately 50%-60%.Most of the team staying at the company are focused on product and technology, "which remains the core of our business," CoinFLEX said.Furthermore, "we will monitor costs to ensure we operate as efficiently as possible and scale as volumes come back. The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX," the blog read.The move comes after CoinFLEX towards the end of June had issued so-called Recovery Value USD Tokens to unfreeze customer withdrawals in the wake of liquidity issues. It wasn't until mid-July when the company let its users withdraw up to 10% of their account balances.Previously, (July 21) CoinFLEX rival Blockchain.com reportedly slashed 25% of its headcount.